November 21, 2014
Kerley Drive Apartments in San Jose Sell for $4,600,000
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San Jose, Calif. - REMI Co., a Bay Area multifamily real estate investment group, sold the Kerley Drive Apartment complex in San Jose, California for $4,600,000. The community was purchased by Kerley SKAND, LLC, a private investor. Kidder Mathews multifamily broker, Matthew Clark, represented the buyer.
The apartment complex, located at 1445-1455 Kerley Drive, is near the North First Street light rail station, and has convenient access to downtown San Jose. Built in 1959, this 20-unit community has undergone a complete exterior renovation and 17 of the units have fully renovated interiors.
The overall San Jose apartment market continues to remain strong and the entire city has seen year-over-year rent growth of 12.4%. Growth in the North San Jose development pipeline has been strong over the past few years with 837 units delivered in 2013 and 1,987 delivered thus far in 2014.
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 450 real estate professionals and staff in 9 offices in Washington, Oregon, and California. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $2.9 billion in transactions, manages 30 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit www.kiddermathews.com.